Fillable Printable Debt Settlement Agreement Sample

Debt Settlement Agreement Sample

SETTLEMENT AGREEMENT

THIS AGREEMENT is entered into by and between ,

hereinafter referred to as “Former Resident”, and , hereinafter referred

to as “Former Landlord”; and

WHEREAS, the Former Resident and Former Landlord fully intend to be bound by this

Agreement; and

NOW THEREFORE, in consideration of the mutual covenants contained herein and

other good and valuable consideration the parties hereby agree as follows:

of $

1.Former Resident acknowledges that s/he owes the Former Landlord the total sum

for damages under the lease agreement signed between the parties.

2.To repay such debt, Former Resident agrees to waive any right of claim to the security

deposit held by the Former Landlord in the amount of $ .

3.Resident shall also pay the balance of $ as follows:

a.The sum of $ to be paid on or before the day of each

month for the next months beginning with the month of

b.The sum of $ , which shall be the final payment, to be paid on or

before the day of , 20 .

4.The Former Landlord will refrain from sending Former Resident's account to a collection

agency so long as Former Resident continues to make payments under paragraph 3

hereinabove.

5.Once Former Resident has made all payments under paragraph 3 hereinabove, the

Former Landlord agrees to release the Resident from any and all further liability

under the lease agreement. If the Former Resident fails to make any of the

payments under paragraph 3 hereinabove, the Former Resident's account shall be

sent to a collection agency and the delinquent account may be reported to a credit

reporting agency.

EXECUTED this day of

, 20 .

Former Resident Authorized Agent for Former Landlord

Former Resident